Millennials are staying at home but only while they save for their own

By Steve Randall
Millennials are certainly living with their parents for longer but it’s not because they don’t want to own their own home.

To the contrary, a report by Vancity shows that 60 per cent of young Canadians are living at home while a third are saving half of their income in order to buy a home. Most are working and earning between $1,500 and $3,000 a month.

“Increased financial burdens for millennials make it harder to break out on their own, buy a home or start a family even when employed. We need to stop perpetuating unhelpful stereotypes about them and find solutions to make housing in particular more affordable,” commented William Azaroff, Vancity’s vice-president of community investment.

Although millennials say they are saving to buy a home their parents are less certain. Only a third of parents with a millennial at home believes they are saving for a home and while 32 per cent of children say it will take at least 3 years for them to move out, 59 per cent of parents believe the same.
 

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